Luxury Handbag Market Size, Share And Forecast By 2032

(MENAFN- Straits Research) Introduction

Handcrafted handbags and bags are the most expensive. Renowned and highly valued craftspeople make them. Whether leather or canvas, luxury bags, and purses are made from the best materials available, from the smallest raw materials to the actual bag material, these handbags are produced by the best in the industry. The attention to detail is apparent even in the smallest components, like the stitching. The most coveted aspect of a luxury handbag is its timeless style. Totes made of black leather are a timeless style.

It also looks contemporary and is very practical. It perfectly blends aesthetic appeal and function. One of a luxury bag's best qualities is its unique and distinctive appearance. High-end bags and purses attract large investments. Despite being pricey, they have an unrivaled impact on your quality of life. They endure a very long time and are highly durable.

Market Dynamics Rising Online Sales Drive the Global Market

E-commerce has aided in laying a foundation of consumer trust by facilitating efficient and fair communication, which helps consumers make efficient decisions. The benefits of e-commerce include instant access, round-the-clock accessibility, global reach, and a vast selection of goods. Due to these advantages, Internet retail has a competitive advantage over other types of shopping, which has resulted in the market's recent exponential growth.

Chinese customers' purchasing habits have changed due to the country's rapid online retail growth, information technology, and internet usage improvements. Furthermore, more than 80% of internet users in European countries make purchases online. This proportion of buyers exemplifies the positive market benefits of online buying. The young population of India and rising internet usage have also aided in the country's e-commerce industry's upward growth trajectory. The percentage of Indians using the Internet rose from 4% in 2007 to 34.42% in 2017. The online handbag retail sector will benefit from this penetration and expansion. Furthermore, handbag sales through online retail channels have continuously increased for luxury handbag producers like Louis Vuitton, Kering S.A., and Montblanc. This e-commerce boom is projected to continue in the years to come through social networks and new technology, resulting in new purchasing habits.

Premiumization is how manufacturers draw attention to a product's superior quality and rarity to boost consumer appeal. It is driven by a demand for high-end things and a want to appear successful. Consumers seek high-quality items due to the rise in per capita affluence. Luxury handbags are premium due to their high cost, value-added features, and specifications. Customers who can purchase luxury goods are drawn to such attributes. As a result, end consumers are anticipated to adopt luxury handbags more frequently, which will quicken market advancement.

Regional Analysis

Europe is the most significant Global Luxury Handbag Market shareholder and is estimated to exhibit a CAGR of 4% over the forecast period.
The major European nations under investigation for the international market for luxury handbags are the UK, Germany, France, Italy, and Spain. The European luxury handbag market, which is among the most developed in the region and has some of the highest GDPs globally, is being led by these countries. Due to its unified market and coordinated actions, Europe is the world's main trading force. In 2016, European countries accounted for the second-largest share of global imports and exports. The general growth rate of the European economy has slowed after the 2008 recession. Despite Brexit, the European market presents appealing consumer product potential. Countries like France, Italy, and the U.K. are regarded as the biggest markets because of their enormous clientele bases.

In addition, a higher rate of consumer disposable income and high-profile societal effects are the main factors driving the region's demand for luxury handbag products. As a result, during the past few years, value sales have significantly increased for some important regional brands. The market for luxury handbags has also grown significantly due to rising internet usage.

North America is anticipated to exhibit a CAGR of 3.8% over the forecast period.
E-commerce has aided in laying a foundation of consumer trust by facilitating efficient and fair communication, which helps consumers make efficient decisions. The benefits of e-commerce include instant access, round-the-clock accessibility, global reach, and a vast selection of goods. Due to these advantages, Internet retail has a competitive advantage over other types of shopping, which has resulted in the market's recent exponential growth. Because of the region's high level of disposable income and the growing influence of the fashion industry over a wider audience, consumers' desire for handbags in the North American region is expected to increase.

Additionally, in the U.S., women throng to purchase accessories like purses during Black Friday specials and clearance sales. During these times, sales for international suppliers in the North American regional market increased. During the forecast period, the market expansion will probably remain supported by the sustained attraction of accessories.

Key Highlights

• The global luxury handbag market size was valued at
  USD 22.8 billion in 2023
  and is projected to reach from
  USD 23.4 billion inb 2024
  to
  USD 41.1 billion by 2032 , registering a CAGR of
  6.77% during the forecast period (2024-2032).
• Based on the type, the global luxury handbag market is bifurcated into handbags, Backpacks, wallets, and others.
  The handbag segment dominates the global market and is projected to exhibit a CAGR of 5.3% over the forecast period.
• Based on the distribution channels, the global luxury handbag market is segmented into duty-free, online, discount, hypermarket, and specialty stores.
  The specialty stores dominate the global market and are predicted to exhibit a CAGR of 4% during the forecast period.
• Europe is the most significant global luxury handbag market shareholder and is estimated to exhibit a CAGR of 4% over the forecast period.